DHAKA, Sept 1: Bangladesh Bank (BB) on Sunday has issued a guideline on mobile financial services (MFS) to prevent fake and illegal money transaction through mobile phone across the country. BB has imposed some restrictions on ‘Cash In’ or ‘Cash Out’ transactions to check irregularities. In the guideline issued Sunday, the central bank asked all banks to strictly follow its instructions about know-your- customer (KYC) for opening process of mobile accounts and no transactions can be made before the bank concerned scrutinizes and approves application of the client/KYC Form. Agents will make transactions after being sure about the account of a client and if any irregularity is detected, the bank will have to cancel agency-ship straight. It will not be allowed to deposit money (Cash In) or transfer money (P2P) to an agent’s mobile account from another agent’s account. An agent will not be able to deposit cash in his account for more than five times daily. A client will be able to deposit cash in his mobile account for maximum five times daily and twenty times monthly. A client will be able to withdraw cash from his account for maximum three times daily and ten times monthly. The highest Tk 25,000 can be deposited and withdrawn each time from a client’s account daily but the total monthly deposit and withdrawal amount will not be more than Tk 1,50,000. For private to private (P2P) payments, the previous limit- maximum Tk 10,000 on a daily basis and Tk 25,000 on a monthly basis-will remain unchanged. But these limits will not be applicable for private to business (P2B), business to private (B2P), private to government (P2G) and government to private (G2P) transactions. BB gave permission to operate mobile financial services in 2010, aimed at bringing poor and unbanked people under banking activities as well as facilitating the expatriate to send remittance in rural area safely. News:The independent Bangladesh/2-Sep-2013